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Medicare Supplement Plans in Colorado
Medigap Plans for Colorado
(aka Medicare Supplement Plans)
Original Medicare coupled with a Medigap Plan, also known as a Medicare Supplement, is the traditional and most popular option when it comes to your Colorado Medicare health coverage. Medigap policies are standardized by the federal government so that you can compare "apples to apples" between insurance companies. In other words, Plan F is Plan F no matter who you buy it from. Plan G is Plan G no matter who you buy it from.
Medigap Description and Coverage:
Medigap Plans are named with a letter and go from A to N. Although there are several good options, the most comprehensive Medigap policy is called "Plan F". Plan F covers 100% of Medicare deductibles, coinsurances, and excess charges, meaning you have zero out of pocket costs on all Medicare eligible expenses. You could think of it as the “peace of mind plan.”
Plan G is now becoming another very popular plan for several reasons. It is identical in coverage to Plan F except it does not pay for the small Part B calendar year deductible of $185 in 2019. In return, the premiums are less. So if you can purchase a Plan G that saves you more than $185/year, you are money ahead. In addition, if you are one of those fortunate people who rarely sees a doctor, you may get away with not needing to pay the $185 deductible either.
Be aware that Plan F and Plan C will not be available to new Medicare beneficiaries after January 1, 2020. Congress signed this change in 2015 under the Medicare Access and CHIP Reauthorization Act (MACRA). Those who already have a Plan F or C Medicare Supplement plan are grandfathered in and may keep their plan.
Several Medicare Supplement plan designs even pays up to $50,000 for emergencies if you travel outside of the USA, which is important since Medicare does not cover you outside of the country. For a quick overview of what is covered by plans A through N click here. For a full description, on a specific plan, contact us.
Cost: Premiums for Plan F will depend on your gender, tobacco usage, where you live and what insurance company is selected. For example in January 2018, a 65-year old, non-smoking female living in Fort Collins, Colorado will pay anywhere from $125 to $140 per month for Plan F policies from the most popular companies, while a similarly aged male in Fort Collins, Colorado will pay between $140 to $160 per month. Of course, as with any insurance, premiums will usually go up on an annual basis.
Positives of a Colorado Medigap Plan:
Negatives of a Colorado Medigap Plan:
Call us today at 970-224-5500 or toll free at 800-553-1444 for a free, no-obligation Colorado Medigap consultation!